All Forum Posts by: Account Closed

@Account Closed There's a lot of information out there and it can be overwhelming. 

1. Hard money is great for short term fix and flip. However the interest rates tend to be higher than long term financing and would not typically be appropriate for a long term holds on a rental property . 

2. Private money can be great for flexible quick closing. I typically see private money being used for short term fix and flips. The terms and your overall experience will vary from lender to lender as they tend to be smaller shops with their own unique lending criteria. 

3. VA is typically a very cumbersome process. I haven't ever come across anyone using their VA loan for an investment property. I'm not certain an investment property would even qualify but check with a VA specific lender.

4. SBA is designed only for business purposes and is not used for residential real estate. 

5. Fannie/Freddie conventional is great starting out with rental properties, you can have up to 10 properties financed. 

6. Commercial financing for investment properties is also an option typically through a community based bank. They will require you to personally qualify and the process can sometimes get drawn out. 

7. DSCR financing is another great option for investment properties. You do not need to personally qualify rather the lender is looking to ensure that the property itself can generate enough cash flow to cover the PITI (Principal, Interest, Taxes, Insurance). There is no limit to the number of properties you can have under DSCR financing.

I've not personally used the software however I know many of the short term rental financing companies use AirDNA as their main tool in underwriting short term rental request. 

Wayne there are some really good Airbnb/STR managers out there that will take care of everything from rehab, furnishing, and then marketing and managing your property. There might be a few here on BP.

If I were just starting out I would go to every real estate networking event possible. There so much value in meeting people face to face and building a network of people you've met in person. 

I would bring a partner on when your at the point your ready to make an offer and discuss the deal with your potential partner. If your capital partner isn't interested in the deal at least you aren't under contract.   

I would focus on building a relationship with any agent you contact. Give them your buying criteria and see if they can bring you deals your interested in. If you try to vet them too hard and their truly experienced you may burn a bridge before getting to see their deals.  

@Kourosh Abedi Some start out and build capital through wholesaling. Another option would be to find an investor or partner that could bring capital to your deals. As far as financing the deal, look into DSCR loans. With a DSCR loan the lender is only concerned that you have the down payment and that the property itself can cover the (PITI) Principal, Interest, Taxes, and Insurance.

@Immanuel Pierre Look for a local real estate investing group. They typically have monthly meet ups and you might be able find experienced investors to learn from in the group. 

@Kyle Flynn Look to see if there are any local real estate groups or meet ups in your area. Those groups typically have investors or others in the group that would be able to help you with scaling your STR business.

@Christopher John Walker 

Look into DSCR loans.

1. 1. There is no personal income validation
2. 2. Your Debts or DTI are not considered
3. 3. The lender makes to loan based on the property’s ability to service the Principal, Interest, Taxes, & Insurance.